Novelis Inc.
Novelis sells North American aluminum foil business to Reynolds
Edited by : AL CIRCLE
2 min read
Novelis Inc., the world leader in aluminum rolling and recycling, today announced that it has signed a definitive agreement for the sale of its North American consumer foil products business to Reynolds Consumer Products, Inc.
The transaction includes foil manufacturing plants in Toronto, ON, and Vancouver, BC, in addition to sales offices and distribution facilities located in Montreal, QC; Mississauga, ON; and LaGrange, Ga. The purchase price is $35 million, subject to customary adjustments.
"The North America consumer foil products business is a successful part of our company; however, it is not aligned with Novelis' growth strategy. Our primary focus is to continue our growth in the premium markets of automotive, beverage cans and specialty products, and to expand our recycling leadership," said Marco Palmieri, Senior Vice President and President of Novelis North America. Over the past three years, Novelis has invested $1.7 billion in global expansions to serve these markets.
The sale of Novelis' consumer foil products business is subject to receipt of regulatory and other customary approvals. The consumer foil products business includes approximately 200 employees.
Novelis Inc. is the global leader in aluminum rolled products and the world's largest recycler of aluminum. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial and consumer electronics markets throughout North America, Europe, Asia and South America. The company is part of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India.
Based in Lake Forest, Ill., Reynolds Consumer Products is a leading provider of quality household essentials that have been trusted for generations. Reynolds and Hefty brand products help with preparation, cooking, cleanup, and storage, making mealtime easier. Its branded and private label products are available in the U.S. at mass merchants, grocers, and other retail stores, and in approximately 90 countries throughout the world.
The transaction includes foil manufacturing plants in Toronto, ON, and Vancouver, BC, in addition to sales offices and distribution facilities located in Montreal, QC; Mississauga, ON; and LaGrange, Ga. The purchase price is $35 million, subject to customary adjustments.
"The North America consumer foil products business is a successful part of our company; however, it is not aligned with Novelis' growth strategy. Our primary focus is to continue our growth in the premium markets of automotive, beverage cans and specialty products, and to expand our recycling leadership," said Marco Palmieri, Senior Vice President and President of Novelis North America. Over the past three years, Novelis has invested $1.7 billion in global expansions to serve these markets.
The sale of Novelis' consumer foil products business is subject to receipt of regulatory and other customary approvals. The consumer foil products business includes approximately 200 employees.
Novelis Inc. is the global leader in aluminum rolled products and the world's largest recycler of aluminum. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial and consumer electronics markets throughout North America, Europe, Asia and South America. The company is part of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India.
Based in Lake Forest, Ill., Reynolds Consumer Products is a leading provider of quality household essentials that have been trusted for generations. Reynolds and Hefty brand products help with preparation, cooking, cleanup, and storage, making mealtime easier. Its branded and private label products are available in the U.S. at mass merchants, grocers, and other retail stores, and in approximately 90 countries throughout the world.
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